Procter & Gamble Co.'s net income fell 4.4% in its fiscal first quarter from a year earlier, reflecting restructuring costs related to the elimination of about 3,000 jobs.

Despite the decline, the consumer-products maker said it is positioned strategically to weather the current economic slowdown. "This has been a solid quarter for Procter & Gamble," said A.G. Lafley, P&G's president and chief executive. However,...